Vantage Point Asset Pte. Ltd. Vs Gaurav Misra (NCLAT Delhi)
NCLAT Delhi held that Successful Resolution Applicant is entitled to relief of extension of benefit of protection of Section 32-A of the Insolvency and Bankruptcy Code to lift the attachment by Enforcement Directorate (ED) over the assets of the Corporate Debtor.
Facts- The Corporate Insolvency Resolution Process (“CIRP”) commenced against the Corporate Debtor – Alchemist Infra Realty Limited by order dated 08.10.2021.
The RP after conducting due diligence regarding compliance of Resolution Plan with regard to the provisions of Section 29A, shared the Plan with the Committee of Creditors. CoC on 18.10.2023, approved the Resolution Plan of the Appellant with 100% vote share. The Letter of Intent was issued on 20.10.2023 to the Appellant. The RP filed an IA No.01/2024 seeking approval of the Resolution Plan.
The Resolution Plan submitted by the Appellant proposed for vacation of charges by the Directorate of Enforcement (“ED”) and other Authorities. The Resolution Applicant has prayed in the Resolution Plan that on approval of the Resolution Plan, all the charges/ attachments shall stand vacated by the respective Government Authorities, so that Resolution Applicant/ Corporate Debtor can monetize the assets by selling/ developing/ getting registry for implementation of the Resolution Plan.
